AllianzGI Convertible & Income Fund II (the "Fund") (NYSE:NCZ), a
diversified closed-end management investment company which seeks to
provide total return through a combination of capital appreciation and
high current income, today announced its results for the fiscal quarter
and nine months ended November 30, 2017.

At November 30,

2017

2016

Net Assets (a)

$722,568,159

$712,161,804

Common Shares Outstanding

74,789,565

74,430,542

Net Asset Value ("NAV")

$6.00

$5.89

Market Price

$6.18

$5.55

Premium (Discount) to NAV

3.00%

(5.77)%

Overdistributed Net Investment Income

Per Common Share (b)

$(0.0359)

$(0.0499)

Quarter ended November 30,

2017

2016

Net Investment Income (c)

$11,892,001

$12,197,045

Per Common Share (c)

$0.16

$0.16

Net Realized and Change in Unrealized Gain (Loss) (c)

$7,033,183

$(3,545,658)

Per Common Share (c)

$0.09

$(0.04)

Nine Months ended November 30,

2017

2016

Net Investment Income (c)

$35,646,802

$36,404,107

Per Common Share (c)

$0.48

$0.49

Net Realized and Change in Unrealized Gain (Loss) (c)

$(4,393,463)

$77,221,116

Per Common Share (c)

$(0.06)

$1.05

(a) Net assets are inclusive of Preferred Shares of $274 million.

(b) Since the Fund's net earning rates fluctuate from month to month,
there will be periods when the Fund may over-earn or under-earn its
monthly dividend rate. This fluctuation will have the effect of adding
to or subtracting from the Fund's overdistributed net investment income
balance. Fund management analyzes the current and projected net earning
rates prior to recommending dividend amounts to the Fund's Board of
Trustees for declaration. There can be no assurance that the monthly
dividend rate will remain at its current level or that the undistributed
net investment income balance, if any, will be sufficient to cover any
shortfall in earnings to meet the current dividend rate. The
overdistributed net investment income balance is exclusive of market
premium amortization on corporate bonds in accordance with federal
income tax treatment. The overdistributed net investment income balance
includes realized gain (loss) on the sale of contingent debt and Section
305 sales adjustments for accrual of deemed dividends from investments
in convertible debt in accordance with federal income tax treatment.

(c) Net Investment Income for the fiscal quarter and nine months ended
November 30, 2017 includes market premium amortization on corporate
bonds of $392,404 ($0.01 per common share) and $1,206,347 ($0.02 per
common share), respectively. Net Investment Income for the fiscal
quarter and nine months ended November 30, 2016 includes market premium
amortization on corporate bonds of $579,760 ($0.01 per common share) and
$1,645,708 ($0.02 per common share), respectively. For tax purposes, the
Fund has elected not to amortize market premium on corporate bonds.

Allianz Global Investors U.S. LLC an indirect, wholly-owned subsidiary
of Allianz Asset Management of America L.P., serves as the Fund's
investment manager and is a member of Munich-based Allianz Group.

The Fund's daily New York Stock Exchange closing market price, NAV, as
well as other information, are available at us.allianzgi.com/en-us/advisors/products-solutions/closed-end-funds
or by calling the Fund's shareholder servicing agent at (800) 254-5197.

The financial information contained herein is solely based upon the data
available at the time of publication of this press release, and there is
no assurance that any future results will be the same or similar to the
results reported herein. Information that was obtained from third party
sources we believe to be reliable is not guaranteed as to its accuracy
or completeness. This press release contains no recommendations to buy
or sell any specific securities and should not be considered investment
advice of any kind. Past performance is no guarantee of future results
and the investment returns generated by the Fund will fluctuate. There
can be no assurance that the Fund will meet its stated objective. The
Fund's ability to pay dividends to common shareholders is subject to the
restrictions in its registration statement, By-laws and other governing
documents as well as the Investment Company Act of 1940. In making any
investment decision, individuals should utilize other information
sources and the advice of their own professional adviser.